Leighton Update

RNS Number : 8744J
Global Petroleum Ltd
08 April 2010
 



8 April 2010

RNS AIM release

 

DRILLING COMMENCES ON SIXTH LEIGHTON PRODUCTION WELL

 

Texon Petroleum Ltd (ASX: TXN) has advised that the sixth Leighton well, Tyler Ranch #5, commenced drilling on 7 April 2010. The well has a planned total depth of 2,743 metres (9,000 feet) and will take about 12-15 days to drill. The well will penetrate the Olmos reservoir at approximately 2,676 metres (8,780 feet), which is the same oil and gas reservoir as is producing in the first five Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2, Tyler Ranch #3 and  Tyler Ranch #4). Tyler Ranch #5 is located 335 metres north of Tyler Ranch #2.

 

If the wire line electric logs indicate producible oil and gas in the Olmos reservoir, the well will be completed as the sixth oil and gas producer from this zone.

 

Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%).

 

 

Glossary:

 

bbl:            barrel

mcf:           thousand cubic feet

mmboe:     million barrels of oil equivalent (including gas converted to oil equivalent barrels on basis of 6mcf to 1 barrel of oil equivalent)

mmbtu:      million British thermal units

 

 

Enquiries:

 

Global Petroleum Limited

Shane Cranswick

Tel

+ 61 8 9322 6322

Email

global.info@globalpetroleum.com.au

Astaire Securities Plc (Nominated Adviser and Broker)

William Vandyk

Tel

+44 20 7448 4400

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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